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USA Today: Spring Homes Sales Up 9%, 2012 “Best in 4 or 5 Years”

USA Today released a story this week documenting the faster start to the housing market this year and the increase in home selling nationwide. Home sales were up 9% for the country in February, a significant increase over the same time last year. Home prices are expected to remain flat across most of the county, one of the ever-increasing signs of the market recovery under way.

Four out of ten metropolitan areas will actually see home prices increase, and the Seattle area is likely to be one of those because of our tremendous lack of inventory in the city. Home sales have been brisk for new listings and prices have increased in some parts of Seattle already this year.

The spring season typically runs March through June but may have started early this year because of unseasonably warm weather.

While last year was dismal for existing home sales, this year is looking better. Existing home sales in February were up 9% from the same time a year ago, as was the Pending Home Sale Index, which reflects signed contracts leading to sales, says the National Association of Realtors.

Meanwhile, Realtors’ confidence in the single-family home market is the highest in four years, according to a late February NAR survey of 4,300 agents. Coldwell Banker says its website’s traffic was up 47% in February from last year.

This spring season “will be the best in four or five years,” says economist Paul Dales of Capital Economics.